fixed term and no employment history - advice needed

rln

Hi,

I am a FTB and was hoping someone may be able to offer me some advice, situation is as follows:

I have an offer accepted on a property for £150000 with a 30% deposit. My salary is ~£27k. I am on a 3yr fixed term contract (started in August) and have no employment history, having been at University completing my PhD.

My mortgage broker told me that my mortgage options were very limited and that they had applied for a mortgage with Accord. This was over 5 weeks ago and I still don't have a decision. I am getting worried that they will turn me down.

I was wondering if I had any other options? My father has no mortgage and earns ~60k. If we were to get a joint mortgage for my property would would lenders ignore my situation and offer the mortgage based on my dad, giving us more options of who we could go with?

Are there any other implications of doing this?

I would really appreciate any advice,

Thanks.

kingstreet

I recently placed a teacher with a one year fixed term contract with a local building society at 90% on newbuild shared ownership, so you should have more options.

The joint mortgage idea is an option, but the term of the mortgage would be limited by his age, forcing the monthly payments up.

Why not talk to your broker about the progress of your application?

ACG

If your father went on the mortgage it would possibly affect the term available as his age would be used.

5 weeks for accord - sounds familiar. Theyre useless. I wouldnt worry about the delay thats normal for them. I avoid accord like the plague - purely because of how pedantic and slow they are. If your broker has recommended them then he must be confident it will go through as i wouldnt touch them with a barge pole.

kingstreet

Did the broker tell you at the outset how protracted it would be and how awkward Accord is?

rln

Thank you for your replies.

I have not had a reply from the broker on the progress of the application this week at all - I think she is getting fed up of me asking! I wasn't informed that Accord were difficult before I applied. The first I knew was a few days in when I googled them and read the reviews.